Mark Carney has been elected leader of Canada’s Liberal Party in a months-long, high stakes race to replace Justin Trudeau.

Canada's Liberal Party will announce Prime Minister Justin Trudeau's successor on Sunday as both party chief and head of the country's government in the midst of a trade war with the United States that could cripple the Canadian economy.

Mark Carney, the former governor of the Bank of Canada, was overwhelmingly elected the leader of the Liberal Party and the Great White North's next prime minister on Sunday.